Sir Robert Peel Author:Robert Peel Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: Mr. Norman, and the governor and deputy-governor of the bank, that expression of confidence is fully justified. It is impossible to read the evidence given by th... more »oe gentlemen, and not be struck by their intelligence, acuteness, and the exhibition by them of every quality which can fit them to superintend such an institution as the Bank of England. But the evidence of each of them is decidedly adverse to the recommendation of the committee; it is in favour of maintaining the act of 1844 without the slightest alteration. The governor and deputy-governor of the bank declare that in their opinion " nothing could have worked better than it has done." Mr. Cotton thinks " that the act has conferred inestimable benefits, both upon the banking operations of the country, and also upon business." Mr. Norman " ouM consider any alteration in the act of 1844 highly inexpedient." Mr. Horsley Palmer's evidence is certainly less favourable to the act of 1844, but even that evidence scarcely supports the recommendation of the committee. Mr. Horsley Palmer does not object to the principle of the act of 1844, of fixing £14,000,000 as the issues upon securities and the remainder upon bullion; but he objects to the want of power to relax that principle when the circumstances of the country will enable the bank to do so, without endangering the convertibility of the bank-note. Mr. Ilorsley Palmer admits at the same time " that the power of relaxation goes far to destroy the principle of the act, which renders it extremely difficult to say what should be the regulation, and when it should be acted on." Being asked " If the restrictions imposed by the act of 1844 were accompanied with a power of relaxation on the p:irt of the bank directors, would it not be as if oo restrictions existed?" he answers, "C...« less